Gore Street declares maiden quarterly dividend

By Iain Gilbert

Date: Friday 09 Nov 2018

(Sharecast News) - Gore Street Energy Storage declared its first dividend since listing on the London Stock Exchange back in May on Friday.Gore Street, which invests in utility-scale energy storage projects, declared an interim quarterly dividend of 2p per share for the four months ended 30 September.

As of 30 September, Gore Street, which expects to meet its 4p per share dividend target for the year ended 31 March 2019, saw its net asset value slip 0.61% to 97p per share.

Gore Street turned in a pre-tax loss of £377,812, the majority of which was made up of £286,295 in administrative expenses.

Cash and equivalents stood at £1.72m as of 30 September.

Alex O'Cinneide, chief executive of the company's investment manager Gore Street Capital, said: "We continue to see highly favourable developments within our asset class as demand for energy storage projects continues to grow. We continue to negotiate with multiple partners for a significant number of projects under exclusivity that we look forward to funding in due course."